NEWS!

German Glossary added. This page lists the most common terms you will find
in German language catalogs and price lists to describe collectible railroad certificates.

Read an interview I did with Marty Weil for his huge and timely Ephemera
blog.

Before contributing new names of railroad companies, you might check out this page
on deceptive company names. These are names that closely resemble railroads
but are either model railroads, bus companies, shipping companies, or others kinds of non-railroad companies.

Questions continually
arise about identifying specimens and proofs. Whereas proof coins are specially manufactured coins, proof
certificates are the exact opposite. Proofs are merely test impressions of vignettes and plates prior to
regular certificate production. Specimen certificates, on the other hand, are certificates identical in every
way to regularly-issued certificates. I have a page that explains More than you
EVER wanted to know about Specimens and Proofs.

Million dollar bills. Some of these fantasy notes were printed by American Bank Note Company, so people
contact me to find out how to redeem them. (They can't!) Regardless of the fact that these notes have no
relationship to stocks and bonds, people still ask me to explain more. For them, I've created a special
page on million dollar bills.

COUPONS. Do individual coupons or sheets of
coupons have value? In my opinion,

NO !!!

I understand some collectors will disagree. However, I am less concerned with objections than the probability of intentional deception! Pure and simple!

We are seeing more and more eBay sellers offering individual bond coupons for sale. We are witnessing people destroying perfectly good collectibles for the sole purpose of TRYING TO GET MONEY FROM UNSUSPECTING BEGINNERS!!!! Please see my longer discussion about the subject in my Letter About Coupons.

I have seen single coupons promoted as "currency" and purposely illustrated like bank notes. Some have sold for prices higher than the values of entire bonds from which they came. I can only imagine the bitter taste left in the mouths of victims when they received packages with their winnings only to discover tiny coupons inside.

Having seen many coupons sold that way, I can only conclude that selling coupons represents a serious problem of deception that eBay should address. Never mind that there is a serious potential side effect of damaging the credibility of our hobby if this practice continues.

Yes, I understand SOME coupons are genuinely rare and represent the only tangible evidence that some bonds ever existed. And yes, those kinds of rare coupons might have genuine collectible value. But, how can amateurs possibly distinguish between valuable collectibles and worthless coupons clipped from bonds and sold with deceptive intent? If anyone has a good idea of dealing with this conundrum, tell me. In the meantime, I advise that no one sell coupons to amateurs and no one buy any coupons unless they know what they are doing. Period.

Imprinted Revenues -
I am fond of imprinted revenue stamps that appear on financial documents from the 1860s and 1870s. Please see my
identification guide to imprinted revenues compiled with the help of revenue specialist
Eric Jackson. At his suggestion, I have added large images to show
what the revenues look like "on document."

Currier & Ives. Variations
of this famous image of the "The Express Train" by Nathaniel Currier appear on over 60 stocks and bonds.
This image was probably engraved in the early 1850s.

I do not collect Currier and Ives' colored lithographs. However, I have collected images of all the the
rail-related Currier & Ives lithographs I could find and compiled them in one place. See
Currier & Ives collection. Please write if you know of more.

The Professional Scripophily Trade Association organized in January, 2004. Its efforts are to promote
the hobby through clear standards of customer service, ethical behavior, and education. Look for the Association
logo.

TIMELINE. For those interested in events that happened during the eras of your certificates, I have compiled a
TIMELINE. This feature is intended to help you understand the events
that affected the development of the railroad industry.